- USDTHB: moving in the range 33.97-34.10 this morning supportive level at 33.80 resistance level at 34.20
· SET Index: 1,535.3 (+0.43%), 18 Jul 2023
· S&P 500 Index: 4,555.0 (+0.71%), 18 Jul 2023
· Thai 10-year government bond yield (interpolated): 2.55 (-1.75 bps), 18 Jul 2023
· US 10-year treasury yield: 3.80 (-1.0 bps), 18 Jul 2023
- US retail sales rise moderately; economy plodding along
- Developing Asia on track to grow faster in 2023
- New Zealand CPI higher than expected in Q2, more RBNZ hikes on tap
- Dollar bounces from 15-month low on strong core U.S. retail sales
US retail sales rise moderately; economy plodding along U.S. retail sales rose less than expected in June as receipts at service stations and building material stores declined, but consumers boosted or maintained spending elsewhere, which likely kept the economy on a solid growth path in the second quarter. Overall, the mixed report from the Commerce Department on Tuesday painted a picture of consumer resilience, though slowing momentum in spending growth. It did not change expectations that the Federal Reserve would resume raising interest rates this month after keeping them unchanged in June. Retail sales increased 0.2% last month. Data for May was revised higher to show sales gaining 0.5% instead of 0.3% as previously reported. Economists polled by Reuters had forecast retail sales gaining 0.5%. Retail sales are mostly goods and are not adjusted for inflation. They rose 1.5% year-on-year in June.
Developing Asia on track to grow faster in 2023 Developing Asia is on track to grow faster in 2023 from a year earlier as strong consumption and investment offset the impact of weak global demand, the Asian Development Bank (ADB) said on Wednesday. In an update to its regional economic outlook, the ADB kept its 2023 growth forecast for developing Asia at 4.8%, but revised a tad lower its estimate for next year to 4.7% from 4.8% in April, reflecting risks, including from Russia's war on Ukraine. The ADB maintained its growth projections for subregions East Asia and South Asia, with China and India still expected to expand 5.0% and 6.4% this year, respectively, and 4.5% and 6.7% in 2024, but trimmed slightly its outlook for Southeast Asia.
New Zealand CPI higher than expected in Q2, more RBNZ hikes on tap Consumer inflation in New Zealand grew slightly more than expected in the second quarter, data showed on Wednesday, indicating that price pressures remained stubborn despite measures by the Reserve Bank to curb them. Consumer price index (CPI) inflation grew 6% year-on-year in the three months to June 30, more than expectations for growth of 5.9%, but below the 6.7% growth seen in the first quarter, data from Statistics New Zealand showed. On a quarter-on-quarter basis, CPI grew 1.1%, slightly above expectations for growth of 1%, and remaining steady from the 1.2% seen in the prior quarter. Food, housing and utility prices continued to rise during the quarter, while labor and raw material shortages also kept price pressures heady.
Dollar bounces from 15-month low on strong core U.S. retail sales The 10-year government bond yield (interpolated) on the previous trading day was 2.55, -1.75 bps. The benchmark government bond yield (LB31DA) was 2.57, -2.00 bps. LB31DA could be between 2.30-2.80. Meantime, the latest closed US 10-year bond yields was 3.80, -1.00 bps. USDTHB on the previous trading day closed around 34.30 Moving in a range of 33.97-34.10 this morning. USDTHB could be closed between 33.90-34.40 today. The U.S. dollar rose from a 15-month low against a basket of currencies on Tuesday after core retail sales saw strong gains in June, as investors wait on the Federal Reserve’s interest rate decision next week. Headline U.S. retail sales rose less than expected in June, with a 0.2% increase during the month. Data for May was also revised higher to show sales gaining 0.5% instead of 0.3% as previously reported. Core sales showed more resilience, however. Excluding automobiles, gasoline, building materials and food services, retail sales increased 0.6% in June. Data for May was revised slightly up to show core retail sales increasing 0.3% instead of the previously reported 0.2%.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
